Company Spotlight: Panacea Financial
Panacea Financial was born out of a paradox every doctor knows too well, trusted to save lives, denied a loan to live one. Two physicians, Dr. Michael Jerkins and Dr. Ned Palmer, saw the pattern early: mountains of debt, resident salaries that barely scrape by, and a banking system blind to the future value of a medical degree. They didn’t pitch a complaint. They built a solution. Alongside Tyler Stafford, CFA, a banking veteran who understood both sides of the stethoscope, they launched Panacea Financial in 2020 to create the financial operating system built for doctors, by doctors.
Today, Panacea isn’t just fixing a broken process, it’s building a new one entirely. From medical school to practice ownership, the company has engineered a platform designed around the rhythm of a doctor’s life. It’s personal banking without the “prove your worth” routine. Their PRN Personal Loans move faster than a consult call, their high-yield savings and checking accounts work nationwide with no minimums, and their practice financing model is redefining how doctors take control of their careers. Each product runs on fiSense, their proprietary tech backbone, built to work as efficiently as the physicians it serves.
Tyler Stafford leads as CEO, bringing 15 years in banking and investment strategy. Dr. Michael Jerkins serves as President while practicing medicine in Little Rock, Arkansas, and hosting The Podcast for Doctors (by Doctors). Dr. Ned Palmer, COO, balances his role as a hospitalist at Boston Children’s Hospital with faculty duties at Harvard Medical School. Together, they’ve built a leadership team that blends clinical precision with financial depth, including CFO Will McCandless, CTO Ryan Gorney, Chief Growth Officer Brandon Finazzo, and Head of Strategy & Operations Elizabeth Karson.
Since launch, Panacea has processed more than $2 billion in loan applications, provided $450 million in financing, and expects to surpass $1 billion in funded loans by 2025, all while maintaining just a 0.3% annual net charge-off rate. GAAP profitable by 2023, the company has doubled revenue year over year, proving that empathy and efficiency can share a balance sheet. Backed by a $62 million Series B from Valar Ventures, the same firm that bet early on Wise and N26, Panacea’s growth curve is accelerating, not peaking.
Their reach now spans 20 national and state medical associations, including exclusive partnerships with the American Dental Association and American Student Dental Association, giving Panacea direct access to nearly half of America’s practicing doctors. Behind that reach is intent: a platform that sees doctors as investors in society, not just borrowers in need.
Through the Panacea Financial Foundation, the company is pushing diversity in medicine where it matters most, representation. Over $200,000 in scholarships and grants have already been deployed to underrepresented students and residents, investing in the future of care itself. Because better doctors mean better outcomes, for everyone.
Headquartered in Little Rock, Panacea Financial isn’t just scaling a fintech, it’s building the financial DNA of modern medicine. For anyone looking to join the next chapter of healthcare banking, this is the moment. The prescription is ready. The revolution is already in motion.
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